Sales in both the individual risk lump sum and individual risk income markets in the year to March 2024 again saw sizable lifts, according to Plan for Life’s latest analysis.
This latest improvement follows healthy rises in both individual risk lump sum sales and individual risk income sales in the year ended December 2023 (see: Healthy Rise in Lump Sum, IP Sales).
The research firm says that in the year to March 2024 overall individual risk lump sum sales rose 7.3% to reach $1,288.8 million with new premium sales in the individual risk income market increasing by 6.5% to $557.1 million.
Plan for Life also points to a 30.3% rise in group risk sales to $481.2 million which saw total risk sales over the period jump by 11.1% to $2,327.1 million.
Overall, risk market inflows totaling $18.2 billion were virtually flat, rising just 0.2% over the past year. Risk income inflows grew by 2.4% and individual risk lump sum inflows rose by just 1.2%.
